Rebranded Hutchmed secures $100 million investment
Thursday, April 08, 2021
(The Pharma Letter) – Hutchison China MediTech (Nasdaq: HCM), also known as Hutchmed, has announced a private placement of $100 million of funds from Baring Private Equity Asia (BPEA).
Hutchmed is listed on the Nasdaq stock exchange in New York and the London Stock Exchange’s AIM market.
Commenting on the placement, BPEA chief executive Jean Eric Salata said: “The healthcare sector in China is a core area of investment focus,” adding the firm “looks forward to working with the CEO and management team to support the company’s innovation and global growth aspirations.”
Headquartered in Hong Kong, the company has recently consolidated its identity under the Hutchmed brand.
The biotech was formerly known as Chi-Med, with the brand Hutchison MediPharma reserved for novel R&D operations in oncology.
The company is pursuing an in-house drug discovery strategy, drawing from an R&D program which has produced 10 clinical-stage drug candidates and a further seven late-stage preclinical assets over the past fifteen years.
